The Indonesian government is pushing to accelerate the divestment of PT Vale Indonesia Tbk (INCO).

The Minister of Energy and Mineral Resources (MEMR) Arifin Tasrif said that the Ministry of State-Owned Enterprises (SOEs) has also addressed a letter to request the acceleration of INCO's divestment process. However, Arifin did not explain to whom the letter was addressed.

"There has been a letter from the Minister of SOEs to quickly finalize the divestment process with several points that need to be resolved. We are currently processing this," explained Arifin at the Ministry of Energy and Mineral Resources on Friday (2/2).

Arifin continued that the amount of value agreed upon will be a business matter between INCO and MIND ID. However, the government also sets a standard for the price.

"Regarding the value, anything, please go ahead. But the Ministry already has a benchmark," explained Arifin.

Arifin ensured that his office expects the divestment process to be completed as soon as possible.

Kontan noted that Commission VII of the Parliament left the negotiation process to the two companies as a form of business-to-business agreement between the two parties.

"The value is entirely a B2B discussion. We just agree to the two business actors," said Deputy Chairman of Commission VII DPR RI Eddy Soeparno.

Member of Commission VII of the Indonesian Parliament, Mulyanto, added that following the agreement with the Minister of Energy and Mineral Resources, it is expected that the state's shares will become the majority by holding 51% of the shares.

In addition, MIND ID must be given the right to control the company operationally and financially. " Otherwise, Vale's mining license will not be extended," Mulyanto asserted.

Image source: Kontan / Dok. INCO

Source: https://industri.kontan.co.id/news/pemerintah-minta-divestasi-vale-indonesia-inco-dipercepat